Paper Trading

Quote from Geezer:


Pundits who say simulators are useless have shit for brains. Our trainees have a 80% success rate within four months of working with real money, and we consider the simulator step the most important.

Nobody I have ever met has ever said using a simulator is the same as real trading, but to dismiss it as a training tool is the sign of a complete and unadulterated idiot.

Good luck.
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I fully agree I found also that it is a pundit as I answered to
http://www.elitetrader.com/vb/showthread.php?s=&postid=209277&highlight=paper+and+trading#post209277

Quote from harrytrader:

In Futures magazine article it is said that 100% of paper traders were winners. What it implies is that most of them must CHEAT: 100% is just impossible. If you don't cheat and condition your mental to do as it is real then your paper trading will be useful. If you can't condition your mental for paper trading seriously then I can't see how you can do it for real market. Someone who shows capability to paper trade without cheating with himself also shows that he has discipline although paper trading is not like real market it implies that the guy can submit himself to a task seriously : that's a proof of some commitment at least.
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Quote from MrJohnGalt:

Trade real money. Everything else is BS.
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I agree. Eventually you will need to go to real money. If you know NOTHING (like I did when I started in fx) then use a demo - but once you get the basics down, using real money has more profound impact on you and will sharpen you more.

Trade small when you first start because that is when you will be at your worst.

OANDA allows you to trade as little as 1 unit. This is a great advantage to a trader new to forex.

Cheers!

to
 
Quote from Geezer:

We require a trainee to make 75 consecutive winning trades on a simulator before they get real money.

75 consecutive winning trades.
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"Sorry son, we're going to have to let you go. You've only made fifty consecutive winning trades. That's real good and all, but not quite up to our standards."

:confused:
 
Quote from peterfigliozzi:

"Sorry son, we're going to have to let you go. You've only made fifty consecutive winning trades. That's real good and all, but not quite up to our standards."

:confused:
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===================

Peterfig;
Yea but they screen by requiring business degree.:D

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Tbomb;
Actually have found & find paper trading more helpful than e-simulation ;
neither helps with slippage.

Paper trading ,
homemade paper tape,
paper charts ,
paper trading
still helps learn levels & price.

:cool:
 
Thanks for all the repsonses. If trading is so profitable, why aren't there more firms out there actively recruiting trainees and putting the capital behind them? Every other reputable profession has some type of formal training program or requires a certain pedigree to enter the field. It just seems that there are so many people trying to scam in this business. I'm still lured by the business, but wouldn't do without the right mentor? Steve Cohen are you out there?
 
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